Entrepreneurial Opportunity Search and Identification-Market Intelligence-Market analysis-Market research-Customer validation-Developing your business model-Crafting your value proposition-Product Development , Managing the product development process, -Long Tail markets-Product launch goals-Go-to- Market Strategy-The role of selling in a startup-Sales forecasting for startups-Mapping buyer response modes. Social media Promotion tools.
Retail Shopper Behaviour, process of consumer buying in retail, Need recognition, stimulating need recognition, information search, types of buying decision
Retail Shopper Behaviour, process of consumer buying in retail, Need recognition, stimulating need recognition, information search, types of buying decision
BCG matrix developed by Boston Consulting Group is an analytical tool used to assess company’s product lines. It aims at helping the company to make the best possible allocation of its resources.
Growth Share matrix uses relative market share and industry growth rate factors to evaluate the potential of business brand portfolio and suggest further investment strategies.
The BCG growth-share matrix is a tool used internally by management to assess the current state of value of a firm's units or product lines.
The Growth-share matrix aids the company in deciding which products or units to either keep, sell, or invest more in.
Market share is the percentage of the total market that is being serviced by your company measured either in the revenue terms or unit volume terms
Market Growth is used as a measure of a market’s attractiveness.
The matrix is a decision-making tool, and it does not necessarily take into account all the factors that a business ultimately must face. For example, increasing market share may be more expensive than the additional revenue gain from new sales. Because product development may take years, businesses must plan for contingencies carefully.
Students should be able to:
Discuss how and why firms grow
Distinguish between forward, vertical and conglomerate integration, and know reasons for mergers/ takeovers.
Know why some firms remain small and others grow
Understand the reasons for demergers
A tool in Marketing Communication that manifest immediate purchase with the help of impulsive buying decision. learn about various methods of sales promotion and key techniques.
Theories of entrepreneurship:
Innovation Theory by Schumpeter & Imitating,
Theory of High Achievement by McClelland,
X-Efficiency Theory by Leibenstein,
Theory of Profit by Knight, Theory of Social change by Everett Hagen.
BCG matrix developed by Boston Consulting Group is an analytical tool used to assess company’s product lines. It aims at helping the company to make the best possible allocation of its resources.
Growth Share matrix uses relative market share and industry growth rate factors to evaluate the potential of business brand portfolio and suggest further investment strategies.
The BCG growth-share matrix is a tool used internally by management to assess the current state of value of a firm's units or product lines.
The Growth-share matrix aids the company in deciding which products or units to either keep, sell, or invest more in.
Market share is the percentage of the total market that is being serviced by your company measured either in the revenue terms or unit volume terms
Market Growth is used as a measure of a market’s attractiveness.
The matrix is a decision-making tool, and it does not necessarily take into account all the factors that a business ultimately must face. For example, increasing market share may be more expensive than the additional revenue gain from new sales. Because product development may take years, businesses must plan for contingencies carefully.
Students should be able to:
Discuss how and why firms grow
Distinguish between forward, vertical and conglomerate integration, and know reasons for mergers/ takeovers.
Know why some firms remain small and others grow
Understand the reasons for demergers
A tool in Marketing Communication that manifest immediate purchase with the help of impulsive buying decision. learn about various methods of sales promotion and key techniques.
Theories of entrepreneurship:
Innovation Theory by Schumpeter & Imitating,
Theory of High Achievement by McClelland,
X-Efficiency Theory by Leibenstein,
Theory of Profit by Knight, Theory of Social change by Everett Hagen.
Successful Marketing Starts with a StrategyKatie Spence
Once we’ve crafted a strategy for messaging to customers, Spry Ideas puts the nuts-and-bolts tactics in place that assure ROI on content dollars. Quite often we find companies have no clear objectives for their content and no way of measuring the ROI on content or social media spends. They just write more, tweet more, and hope for the best. Our well-executed content marketing strategies have clear goals and measurable returns. We also offer marketing automation solutions to provide enhanced efficiencies and expanded analytics for clients. You should know that your content is reaching buyers and impacting their buying journeys and we can show you how.
Successful Marketing Starts With A StrategySpryIdeas
Of course, as any savvy marketer knows, in today’s world, nurturing or drip marketing can be a powerful tool to grow your business, which involves sending or “dripping” messages to customers or prospects over time. In other words, marketing ain’t what it used to be. In fact, some experts say marketing is evolving faster than universities can develop new courses to teach the next generation of marketers – they are essentially learning on the job. (http://bit.ly/2ghsK8H)
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Smokeshop same day delivery service app
What is market research?
Market research is the process of gathering information about your business's buyers personas, target audience, and customers to determine how viable and successful your product or service would be among these people.
Market research tells you where these members of your audience and base of customers are conducting their own buyer research about products and services similar to those you sell. It also tells you what's trending in your industry, what your target audience and customers want and need out of products and services like yours, and what's influencing their decisions to convert and buy.Primary vs. Secondary Research
There are two main types of market research that your business can conduct to collect actionable information on your products including primary research and secondary research.
Primary Research
Primary research is the pursuit of firsthand information on your market and its customers. You can use focus groups, online surveys, phone interviews, and more to gather fresh details on the challenges your buyers face and the brand awareness behind your company.
Primary research is useful when segmenting your market and establishing your buyer personas, and this research tends to fall into one of two buckets:
· Exploratory Research: This kind of primary market research is less concerned with measurable customer trends and more about potential problems that would be worth tackling as a team. It normally takes place as a first step before any specific research has been performed, and can involve open-ended interviews or surveys with small numbers of people.
· Specific Research: This kind of primary market research often follows exploratory research, and is used to dive into issues or opportunities the business has already identified as important. In specific research, the business can take a smaller or more precise segment of their audience and ask questions aimed at solving a suspected problem.
Secondary Research
Secondary research is all the data and public records you have at your disposal to draw conclusions from. This includes trend reports, market statistics, industry content, and sales data you already have on your business.
Secondary research is particularly useful for analyzing your competitors. Here are three types of secondary research sources that make this process so beneficial:
· Public Sources: These sources are your first and most accessible layer of material when conducting secondary market research. Being free to find and read — usually — they offer the most bang for your buck. Government statistics are arguably your most common public sources, according to Entrepreneur. Two U.S. examples of public market data are the U.S. Census Bureau and the Bureau of Labor & Statistics, both of which offer helpful information on the state of various industries nationwide.
· Commercial Sources: These sources often come in the form of market reports, consisting o.
Marketing Assignment Help | Marketing Assignment Help with Onlineassignemnt.net Online
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Tips and tools you need to help define or redefine the needs of your customers. I share the importance of market research and how to conduct a market analysis. I also discuss how you can apply what you’ve learned to strengthen your marketing plan.
When listening about building new Ventures, Marketplaces ideas are something very frequent. On this session we will discuss reasons why you should stay away from it :P , by sharing real stories and misconceptions around them. If you still insist to go for it however, you will at least get an idea of the important and critical strategies to optimize for success like Product, Business Development & Marketing, Operations :)
Reflect Festival Limassol May 2024.
Michael Economou is an Entrepreneur, with Business & Technology foundations and a passion for Innovation. He is working with his team to launch a new venture – Exyde, an AI powered booking platform for Activities & Experiences, aspiring to revolutionize the way we travel and experience the world. Michael has extensive entrepreneurial experience as the co-founder of Ideas2life, AtYourService as well as Foody, an online delivery platform and one of the most prominent ventures in Cyprus’ digital landscape, acquired by Delivery Hero group in 2019. This journey & experience marks a vast expertise in building and scaling marketplaces, enhancing everyday life through technology and making meaningful impact on local communities, which is what Michael and his team are pursuing doing once more with Exyde www.goExyde.com
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
In this comprehensive slideshow presentation, we delve into the intricacies of crypto marketing, offering invaluable insights and strategies to propel your project to success in the dynamic cryptocurrency landscape. From understanding market trends to building a robust brand identity, engaging with influencers, and analyzing performance metrics, we cover all aspects essential for effective marketing in the crypto space.
Also Intelisync, our cutting-edge service designed to streamline and optimize your marketing efforts, leveraging data-driven insights and innovative strategies to drive growth and visibility for your project.
With a data-driven approach, transparent communication, and a commitment to excellence, InteliSync is your trusted partner for driving meaningful impact in the fast-paced world of Web3. Contact us today to learn more and embark on a journey to crypto marketing mastery!
Ready to elevate your Web3 project to new heights? Contact InteliSync now and unleash the full potential of your crypto venture!
How to Build a Diversified Investment Portfolio.pdfTrims Creators
Building a diversified investment portfolio is a fundamental strategy to manage risk and optimize returns. For both novice and experienced investors, diversification offers a pathway to a more stable and resilient financial future. Here’s an in-depth guide on how to create and maintain a well-diversified investment portfolio.
What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
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- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
Salma Karina Hayat is Conscious Digital Transformation Leader at Kudos | Empowering SMEs via CRM & Digital Automation | Award-Winning Entrepreneur & Philanthropist | Education & Homelessness Advocate
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Start up and new venture management customer discovery
1. -Entrepreneurial Opportunity Search and Identification
-Market Intelligence
-Market analysis
-Market research
-Customer validation
-Developing your business model
-Crafting your value proposition
-Product Development , Managing the product development process,
-Long Tail markets
-Product launch goals
-Go-to- Market Strategy
-The role of selling in a startup
-Sales forecasting for startups
-Mapping buyer response modes. Social media Promotion tools.
UNIT 2:Customer Discovery
2. Opportunity: The entrepreneurial process is opportunity driven.
An opportunity sets the business context for something to be done
that has value.
Opportunity identification can be facilitated by individuals and teams
that work in environments that encourage communication and
creativity.
Catalysts for opportunities can also be new business teams, venture
groups, etc.
The parameters of an opportunity can be defined in terms of market
demand, market size and structure, and margin potential/financial
contribution.
If numbers can’t be developed to help describe an opportunity, then it
is probably nothing more than an idea.
3. How do entrepreneurs identify opportunities
for new business ventures?
• One possibility, suggested by research on human cognition, is that they
do so by using cognitive frameworks they have acquired through
experience to perceive connections between seemingly unrelated events
or trends in the external world.
• In other words, they use cognitive frameworks they possess to “connect
the dots” between changes in technology, demographics, markets,
government policies, and other factors. The patterns they then perceive
in these events or trends suggest ideas for new products or services—
ideas that can potentially serve as the basis for new ventures.
4. • This pattern recognition perspective on opportunity identification is useful
in several respects.
• First, it helps integrate into one basic framework three factors that have
been found to play an important role in opportunity recognition: engaging
in an active search for opportunities; alertness to them; and prior
knowledge of an industry or market.
• In addition, it also helps explain interrelations between these factors (e.g.,
the fact that active search may not be required when alertness is very high).
• Second, a pattern recognition perspective helps explain why some persons,
but not others, identify specific opportunities. Third, a pattern recognition
framework suggests specific ways in which current or would-be
entrepreneurs can be trained to be better at recognizing opportunities.
5. Market Intelligence and Market Research:
• Briefly, MI is a way of working with data and information on a very
high level. Basis of MI is a standardized system of data collection from
many different sources and its complex analysis.
6.
7. Market Analysis:
•Is your market growing or shrinking?
•Is there room for one more company?
•Will you be bringing something different to
the market?
8.
9.
10.
11.
12. • Market research: the “systematic gathering, recording, and analysing
of data with respect to a particular market, where ‘market’ refers to a
specific group in a specific geographic area.”
• Primary research is information that comes directly from the source--
that is, potential customers. You can compile this information yourself
or hire someone else to gather it for you via surveys, focus groups and
other methods. Secondary research involves gathering statistics,
reports, studies and other data from organizations such as
government agencies, trade associations and your local chamber of
commerce.
• Secondary Research
The vast majority of research you can find will be secondary research.
While large companies spend huge amounts of money on market
research, the good news is that plenty of information is available for
free to entrepreneurs on a tight budget. The best places to start? Your
local library and the internet.
13. • If you choose a direct-mail questionnaire, the following guidelines will increase
your response rate:
• Questions that are short and to the point
• A questionnaire that is addressed to specific individuals and is of interest to
the respondent
• A questionnaire of no more than two pages
• A professionally-prepared cover letter that adequately explains why you're
doing this questionnaire
• A postage-paid, self-addressed envelope to return the questionnaire in.
Postage-paid envelopes are available from the post office
• An incentive, such as "10 percent off your next purchase," to complete the
questionnaire
For Eg: https://www.surveymonkey.com/r/9PX7GG5 [Tea Consumption Survey]
16. • Customer validation is the phase of the Customer Development
model where you obtain hard evidence regarding the possible success
of your business model.
• You cannot just assume that customers will buy your product – even if
they tell you they might!
• Dealing in hypothetical scenarios does not help you affirm whether
you have a solid business plan.
• This is why you must validate all of the information that you think you
know.
30. Product Launch Goals:
• Clearly and effectively establish new product name, brand, and position
• Build awareness and credibility for the new product and the company
• Create immediate opportunities for sales, VAR[Value added reseller], and
distributor channels
• Extend awareness and strengthen the product/company brand through partner
co-marketing
• Execute a benefits-oriented launch that addresses the learn, try, and buy
purchase phases
• Cross-sell new product to existing customer base
• A best practice is to set goals that are “S.M.A.R.T.” (specific, measurable,
attainable, realistic and timely). Using the S.M.A.R.T. guidelines (especially the
"measurable" element) helps ensure that in the end, you'll be able to judge
whether or not you accomplished your goal, rather than just make guesses.
31. Go to Market Strategy:
• A go-to-market strategy (GTM) is the plan for targeting the right pain
point with the right sales and marketing process, so you can grow
your business at the optimum pace. You can create a GTM strategy
for a new business but also for a new feature, brand or location.
• For large companies with existing products, GTM strategies might
revolve around correct communication and branding for new
markets.
• For those of us who are building new businesses, an incorrect GTM
strategy can cost years in going the wrong direction with
development and marketing.
33. Process:
• Step 1: Define Your Target Markets. No product is appropriate for
every market. ...
• Step 2: Define Your Target Customer. ...
• Step 3: Define Your Brand Positioning. ...
• Step 4: Define Your Offering. ...
• Step 5: Define Your Channels. ...
• Step 6: Build Your Budget Model. ...
• Step 7: Define Your Marketing Strategy.
34. The inside sales
business model is
when a prospect
needs to be nurtured
by a sales rep to
convert into a deal.
This type of model
works best with a
product of medium
complexity and price.
Self-Service business
model: We typically see this
model with B2C purchases in which
a customer can find and buy a
product via a website, like Netflix or
Amazon.
The field sales
business model is
when you have a full sales
organization that closes
large enterprise deals.
These are typically
complex products with
high price points, which
also means there’s
typically a low volume of
deals with a long sales
cycle.
In the channel
model, an outside
agency or partner sells
your product for you. This
is hard to build, as the
people can be difficult to
recruit and educate on the
benefits of your product.
They are also often less
motivated to sell than your
own sales team would be.
35.
36.
37.
38.
39. • As an example of the importance of sales and marketing, he
cites Salesforce.com: "When they launched, there were
already two 'cloud-based' CRM solutions available. Salesforce
won because [CEO] Benioff marketed the benefits of moving
your sales data online, while his competitors
were marketing features and functions." Benioff also did an
"excellent job" of building a sales team that could articulate
that benefit to potential customers.
• Salespeople selling new products spend 32% more face-to-
face time with customers.
40. • A sales forecast is a projection of what your sales revenue
will be for a specific period in the future—for example, the
next month, quarter or year. A sales forecast is essential not
only to understand and manage sales activities, but also to
facilitate the growth and development of the entire
company.
• Sales forecasts are based on capturing and
analyzing metadata about your company’s sales activities.
(Metadata is data about your data—in this case, it is the
collected body of statistics about your sales activities,
including cold calling, deals closed, expenses, and so forth.)
41. 1. Sales forecasts help you to understand and manage your
cash flow
2. Sales forecasting assists in planning your procurements,
production and logistics capacity
3. Sales forecasts help you to develop your medium-term
revenue projection (needed if you seek external financing)
For example, if you’re starting a restaurant, you don’t want to
create forecasts for each item on the menu. Instead, you
should focus on broader categories like lunch, dinner, and
drinks. If you’re starting a clothing shop, forecast the key
categories of clothing that you sell, like outerwear, casual
wear, and so on.
42. Here’s an example:
• 10,000 people see my company’s ad online
• 1,000 people click from the ad to my website
• 100 people end up making a purchase
43.
44. Mapping buyer response mode[In B2B sales, the term
“response modes” describes how potential customers react to
your proposition and helps explain buyer behaviour.]
Buyer response modes, there are four potential buyer response modes to
change:
• Growth[Buyers in Growth mode perceive that by buying your product or
service, they are meant to generate growth for the company]
• Trouble[In Trouble mode, buyers perceive that the business is failing (that
is, it is losing customers, losing money, decreasing productivity) and
understand that something must change]
• Even Keel[They believe that progress is steady and there is no urgency to
change anything. As a result, these buyers are not open to vendor
offerings. They do not see the value such offerings would represent or why
they should go through the trouble that change represents.]
• Overconfident[Buyers in Overconfident mode have a somewhat delusional
outlook and perceive that they are succeeding]
45. Social media Promotion tools
Different lead sources produce buyers at different
stages of the customer buying cycle:
•People that are later in the buying cycle are most likely
to be using tools like Google, and review sites to
search for vendors and products to solve a problem.
Those leads are highly valued because there is a high
level of buyer intent. They are usually in the
Consideration or Purchase stages of the buying cycle.
•Many other lead sources (e.g. social referrals, Twitter,
Facebook ads, banner ads, pr stories, educational
presentations at conferences, etc.) produce buyers that
are earlier in their cycle, and frequently just becoming
aware that there is a potentially interesting product now
available.
Market maturity also plays an important role in the
stage that your leads. For early stage markets where
there is still a lot of education required, most leads will
be very early in their buying cycles.
46. • Google Analytics. This is probably one of the top free Google tools available. The
genius of Google lies in its ability to keep a lot of its products free to use. From a
marketing perspective, three Google tools are a must have: Google Analytics (aka GA),
Google Tag Manager (aka GTM) and Google AdWords Keyword Planner.
• Google Analytics and Google Tag Manager are two important tools to track visitor data
on your website. Together, both of them work in tandem to give better visitor data to
analyze. All startup teams need data, a lot of data to enhance their products and
services.
• MailChimp. Email marketing is crucial for many businesses if they want to succeed.
An estimated 205 billion emails a day were sent in 2015. That equals 2.4 million
emails in a second and 74 trillion emails in a year. The math is mind-boggling and
points to a growing use of email as a communication tool for brands. Out of this
humongous mass of emails, almost 50% is spam.
• Out of the 205 billion emails sent daily, Mailchimp boasts of sending at least
a billion of those. That would equate to around 0.5% of all emails sent worldwide in a
day that Mailchimp sends on behalf of its customers. An interesting figure to
understand the rising popularity of email marketing services and why marketers need
to sign up for one.
• HubSpot: HubSpot Marketing is essentially a lead capture and management tool. It
has great features to create campaign landing pages, track leads, manage
communication with leads in one place, and increase traffic and conversions.
47. • Marketo: Another marketing automation service that works
in a similar fashion as Hubspot is Marketo. It allows brands to
build marketing strategies from the ground up and integrate
across channels, be that on the website, social media
platforms or email campaigns.
• Optimizely is one of the best tools for optimizing your
campaigns. They are pioneers in providing tools to
successfully conduct A/B testing, a technique that is a hot
thing in the startup world. A/B testing is a simple way of
testing two versions of a webpage or an app to see which
one fares better.
48. • Buffer is one tool that will help to streamline your brand’s social
media strategy. It is essentially a publishing platform used
for scheduling and publishing content on social media. If it weren’t
for tools like Buffer, posting numerous times on 5-6 different
platforms in a day would be a nightmare. As we optimize social media
post frequencies, tools like Buffer help in maintaining a relevant social
media presence.
• The most important factor for posting on social media is creativity.
User engagement increases only if your posts are designed beautifully
and have something interesting to say. And for creating beautiful
designs we need products like Canva. It’s a cloud-based service that
enables non-design people to start designing. Their tagline sums it up
quite nicely:
• “Empowering the world to design”
• Design unplugged with Canva